The partnership with Standard Chartered will help Coinbase to offer free bank transfers for users in Singapore.
Coinbase is ramping up its expansion effort, with Singapore being the first stop. As part of its ambitious plan, the crypto exchange has announced forging a strategic banking partnership with Standard Chartered in the city-state to provide its users with an option to move funds between any lender and Coinbase.
The news comes amidst the crypto industry losing a number of banking on- and off-ramps due to the recent turmoil in the US banking industry.
According to the official blog post, Singapore customers will now be able to transfer funds to and from their Coinbase account using any local bank in the city-state for free. The aim is to offer users more flexibility and control of their assets by enabling them to cash in or cash out of their Coinbase account using bank transfers.
As such, Standard Chartered will be tasked with providing that connection to on- and off-ramp their money. In the same announcement, Coinbase said that it has integrated Singapore’s “2-click” digital identity app called – Singpass – to enable the citizens to tap the crypto exchange.
“As Singapore aims to become a global crypto and blockchain hub, we are committed to supporting these ambitions and bringing the best product experience to the Singapore market.”
The Monetary Authority of Singapore (MAS) granted Coinbase an in-principle approval under the Payment Services Act (PSA) to provide regulated digital token products and services in the island state in October last year.
Coinbase’s partnership with Standard Chartered comes at the backdrop of chaos in US banks. Last week, prominent financial institutions – Silvergate Capital, Silicon Valley Bank (SVB), and Signature Bank – were forced to shut shops and wind down their operations, which resulted in crypto companies as well as users scrambling to move their assets.
SVB had a relatively small footprint in the crypto industry. Silvergate and Signature, on the other hand, served as the major on- and off-ramps for the space with their SEN and Signet products, respectively. Hence, the shuttering of these banks is expected to have significant implications on the market.